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Powerball Annuity Jackpot Analysis for Iowa

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The Powerball annuity jackpot is awarded according to an increasing rate schedule, which increases the amount of the annuity payment every year.  The table below shows the payout schedule for a jackpot of $80,000,000 would be for a resident of Iowa, including taxes withheld.

Please note, the amounts shown are very close approximations to the amount a jackpot annuity winner would receive from the lottery every year.  They are not intended to specify the final tax burden, which may vary depending on how the winner chooses to invest or dispense their prize money.  (For example, if the winner gave all their fortune to charity, they may actually end up getting money back that was initially withheld, whereas someone who buys a new mansion and a fleet of new cars would probably end up owing more taxes than shown.)

State:

Iowa

Drawing Date:  Wed, May 25, 2016
Jackpot:$80,000,000
Federal Tax:  25%
State Tax:5.00%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,204,115$301,029$60,206$842,880
2$1,264,321$316,080$63,216$885,024
3$1,327,537$331,884$66,377$929,276
4$1,393,913$348,478$69,696$975,739
5$1,463,609$365,902$73,180$1,024,526
6$1,536,790$384,197$76,839$1,075,753
7$1,613,629$403,407$80,681$1,129,540
8$1,694,310$423,578$84,716$1,186,017
9$1,779,026$444,757$88,951$1,245,318
10$1,867,977$466,994$93,399$1,307,584
11$1,961,376$490,344$98,069$1,372,963
12$2,059,445$514,861$102,972$1,441,611
13$2,162,417$540,604$108,121$1,513,692
14$2,270,538$567,635$113,527$1,589,377
15$2,384,065$596,016$119,203$1,668,845
16$2,503,268$625,817$125,163$1,752,288
17$2,628,432$657,108$131,422$1,839,902
18$2,759,853$689,963$137,993$1,931,897
19$2,897,846$724,461$144,892$2,028,492
20$3,042,738$760,685$152,137$2,129,917
21$3,194,875$798,719$159,744$2,236,413
22$3,354,619$838,655$167,731$2,348,233
23$3,522,350$880,587$176,117$2,465,645
24$3,698,467$924,617$184,923$2,588,927
25$3,883,391$970,848$194,170$2,718,373
26$4,077,560$1,019,390$203,878$2,854,292
27$4,281,438$1,070,360$214,072$2,997,007
28$4,495,510$1,123,878$224,776$3,146,857
29$4,720,286$1,180,071$236,014$3,304,200
30$4,956,300$1,239,075$247,815$3,469,410
Total$80,000,000$20,000,000$4,000,000$56,000,000
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